IDEAS home Printed from https://ideas.repec.org/p/hal/journl/halshs-02973035.html
   My bibliography  Save this paper

Do old habits die hard? Central banks and the Bretton Woods gold puzzle

Author

Listed:
  • Eric Monnet

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CEPR - Center for Economic Policy Research - CEPR)

  • Damien Puy

    (IMF - IMF - International Monetary Fund)

Abstract

We assess the importance of individual and institutional experience in shaping macroeconomic policy by studying the persistence of gold standard monetary practices in the Bretton Woods system. Using new data from the IMF archives, we show that, although they were not required to, countries continued to back currency in circulation with gold. The longer an institution spent in the gold standard (and the older the policymakers), the tighter the link between gold and currency. Such "old habits" prevented dollars and gold from working as perfect substitutes and ultimately contributed to the demise of the Bretton Woods system. Our findings highlight the persistence of past practices, even in the face of radical institutional change, and its consequences on the international monetary system.

Suggested Citation

  • Eric Monnet & Damien Puy, 2020. "Do old habits die hard? Central banks and the Bretton Woods gold puzzle," Post-Print halshs-02973035, HAL.
    • Handle: RePEc:hal:journl:halshs-02973035
    DOI: 10.1016/j.jinteco.2020.103394
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Grubel, Herbert G, 1971. "The Demand for International Reserves: A Critical Review of the Literature," Journal of Economic Literature, American Economic Association, vol. 9(4), pages 1148-1166, December.
    2. Eric Monnet, 2014. "Monetary Policy without Interest Rates: Evidence from France's Golden Age (1948 to 1973) Using a Narrative Approach," American Economic Journal: Macroeconomics, American Economic Association, vol. 6(4), pages 137-169, October.
    3. Robert C. Feenstra & Robert Inklaar & Marcel P. Timmer, 2015. "The Next Generation of the Penn World Table," American Economic Review, American Economic Association, vol. 105(10), pages 3150-3182, October.
    4. Straumann,Tobias, 2014. "Fixed Ideas of Money," Cambridge Books, Cambridge University Press, number 9781107616370.
    5. Dani Rodrik, 2006. "The social cost of foreign exchange reserves," International Economic Journal, Taylor & Francis Journals, vol. 20(3), pages 253-266.
    6. Ulrike Malmendier & Stefan Nagel & Zhen Yan, 2017. "The Making of Hawks and Doves: Inflation Experiences on the FOMC," NBER Working Papers 23228, National Bureau of Economic Research, Inc.
    7. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "The Modern History of Exchange Rate Arrangements: A Reinterpretation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(1), pages 1-48.
    8. Monnet, Eric & Puy, Damien, 2020. "Do old habits die hard? Central banks and the Bretton Woods gold puzzle," Journal of International Economics, Elsevier, vol. 127(C).
    9. Peter Koudijs & Hans-Joachim Voth, 2016. "Leverage and Beliefs: Personal Experience and Risk-Taking in Margin Lending," American Economic Review, American Economic Association, vol. 106(11), pages 3367-3400, November.
    10. Michael Bordo & Eric Monnet & Alain Naef, 2017. "The Gold Pool (1961-1968) and the Fall of the Bretton Woods System. Lessons for Central Bank Cooperation," NBER Working Papers 24016, National Bureau of Economic Research, Inc.
    11. Joshua Aizenman & Jaewoo Lee, 2008. "Financial versus Monetary Mercantilism: Long‐run View of Large International Reserves Hoarding," The World Economy, Wiley Blackwell, vol. 31(5), pages 593-611, May.
    12. Anonymous, 1957. "International Monetary Fund," International Organization, Cambridge University Press, vol. 11(1), pages 176-179, January.
    13. Ethan Ilzetzki & Carmen M Reinhart & Kenneth S Rogoff, 2019. "Exchange Arrangements Entering the Twenty-First Century: Which Anchor will Hold?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 134(2), pages 599-646.
    14. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
    15. Jeanne, Olivier & Sandri, Damiano, 2020. "Optimal reserves in financially closed economies," Journal of International Money and Finance, Elsevier, vol. 104(C).
    16. Prachi Mishra & Ariell Reshef, 2019. "How Do Central Bank Governors Matter? Regulation and the Financial Sector," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02973367, HAL.
    17. Herman Wee, 2012. "Belgian Monetary Policy under the Gold Standard during the Interwar Period," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Anders Ögren & Lars Fredrik Øksendal (ed.), The Gold Standard Peripheries, chapter 7, pages 130-144, Palgrave Macmillan.
    18. Michael D. Bordo & Robert N. McCauley, 2019. "Triffin: Dilemma or Myth?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(4), pages 824-851, December.
    19. Weidenmier, Marc & Mitchener, Kris, 2015. "Was the Classical Gold Standard Credible on the Periphery? Evidence from Currency Risk," CEPR Discussion Papers 10388, C.E.P.R. Discussion Papers.
    20. Williamson, John, 1973. "Surveys in Applied Economics: International Liquidity," Economic Journal, Royal Economic Society, vol. 83(331), pages 685-746, September.
    21. Mitchener, Kris James & Weidenmier, Marc D., 2015. "Was the Classical Gold Standard Credible on the Periphery? Evidence from Currency Risk," The Journal of Economic History, Cambridge University Press, vol. 75(2), pages 479-511, June.
    22. Aizenman, Joshua & Inoue, Kenta, 2013. "Central banks and gold puzzles," Journal of the Japanese and International Economies, Elsevier, vol. 28(C), pages 69-90.
    23. Alain Naef, "undated". "Dirty float or clean intervention? The Bank of England on the foreign exchange market, 1952-72," Working Papers 32, Department of Economic and Social History at the University of Cambridge.
    24. Olivier Jeanne & Romain Rancière, 2011. "The Optimal Level of International Reserves For Emerging Market Countries: A New Formula and Some Applications," Economic Journal, Royal Economic Society, vol. 121(555), pages 905-930, September.
    25. Wandschneider, Kirsten, 2008. "The Stability of the Interwar Gold Exchange Standard: Did Politics Matter?," The Journal of Economic History, Cambridge University Press, vol. 68(1), pages 151-181, March.
    26. Eric Monnet, 2018. "Controlling Credit. Central Banking and the Planned Economy in Postwar France, 1948–1973," PSE-Ecole d'économie de Paris (Postprint) halshs-02921743, HAL.
    27. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2010. "Financial Stability, the Trilemma, and International Reserves," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(2), pages 57-94, April.
    28. Bordo, M.D. & Meissner, C.M., 2016. "Fiscal and Financial Crises," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 355-412, Elsevier.
    29. Christina D. Romer & David H. Romer, 2004. "Choosing the Federal Reserve Chair: Lessons from History," Journal of Economic Perspectives, American Economic Association, vol. 18(1), pages 129-162, Winter.
    30. Ulrike Malmendier & Stefan Nagel, 2011. "Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 126(1), pages 373-416.
    31. Michael D. Bordo & Barry Eichengreen, 1993. "A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform," NBER Books, National Bureau of Economic Research, Inc, number bord93-1, March.
    32. Schenk,Catherine R., 2013. "The Decline of Sterling," Cambridge Books, Cambridge University Press, number 9781107612990.
    33. Obstfeld,Maurice & Taylor,Alan M., 2005. "Global Capital Markets," Cambridge Books, Cambridge University Press, number 9780521671798.
    34. Michael D. Bordo, Athanasios Orphanides, 2013. "Discussion of "Bretton Woods and the Great Inflation"," NBER Chapters, in: The Great Inflation: The Rebirth of Modern Central Banking, pages 493-496, National Bureau of Economic Research, Inc.
    35. Prachi Mishra & Ariell Reshef, 2019. "How Do Central Bank Governors Matter? Regulation and the Financial Sector," Post-Print halshs-02973367, HAL.
    36. Philippe, LEDENT & Isabelle, CASSIERS, 2006. "Learning to manage external constraints : Belgian monetary policy during the Bretton Woods era (1944-1971)," Discussion Papers (ECON - Département des Sciences Economiques) 2006032, Université catholique de Louvain, Département des Sciences Economiques.
    37. Anonymous, 1957. "International Monetary Fund," International Organization, Cambridge University Press, vol. 11(4), pages 683-686, October.
    38. Nicola Gennaioli & Andrei Shleifer, 2010. "What Comes to Mind," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 125(4), pages 1399-1433.
    39. Jonung, Lars, 1979. "Knut wicksell's norm of price stabilization and Swedish monetary policy in the 1930's," Journal of Monetary Economics, Elsevier, vol. 5(4), pages 459-496, October.
    40. Monnet,Eric, 2019. "Controlling Credit," Cambridge Books, Cambridge University Press, number 9781108400084.
    41. Eric Monnet, 2018. "Credit controls as an escape from the trilemma. The Bretton Woods experience† [Capital mobility and state autonomy: toward a structural theory of international monetary relations]," European Review of Economic History, European Historical Economics Society, vol. 22(3), pages 349-360.
    42. Bazot, Guillaume & Bordo, Michael D. & Monnet, Eric, 2016. "International shocks and the balance sheet of the Bank of France under the classical gold standard," Explorations in Economic History, Elsevier, vol. 62(C), pages 87-107.
    43. Alexander Rathke & Tobias Straumann & Ulrich Woitek, 2017. "OVERVALUED: SWEDISH MONETARY POLICY IN THE 1930s," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 58(4), pages 1355-1369, November.
    44. Bordo, Michael & Istrefi, Klodiana, 2023. "Perceived FOMC: The making of hawks, doves and swingers," Journal of Monetary Economics, Elsevier, vol. 136(C), pages 125-143.
    45. Makin, John H, 1971. "The Composition of International Reserve Holdings: A Problem of Choice Involving Risk," American Economic Review, American Economic Association, vol. 61(5), pages 818-832, December.
    46. Michael Bordo & Barry Eichengreen, 2013. "Bretton Woods and the Great Inflation," NBER Chapters, in: The Great Inflation: The Rebirth of Modern Central Banking, pages 449-489, National Bureau of Economic Research, Inc.
    47. Anonymous, 1965. "International Monetary Fund," International Organization, Cambridge University Press, vol. 19(4), pages 1052-1056, October.
    48. Michael D. Bordo, 1993. "The Bretton Woods International Monetary System: A Historical Overview," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 3-108, National Bureau of Economic Research, Inc.
    49. Prachi Mishra & Ariell Reshef, 2019. "How Do Central Bank Governors Matter? Regulation and the Financial Sector," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(2-3), pages 369-402, March.
    50. Maurice Obstfeld, 1980. "Sterilization and Offsetting Capital Movements: Evidence from West Germany, 1960-1970," NBER Working Papers 0494, National Bureau of Economic Research, Inc.
    51. Anonymous, 1957. "International Monetary Fund," International Organization, Cambridge University Press, vol. 11(3), pages 537-538, July.
    52. Maylis Avaro, 2020. "Zombie International Currency: The Pound Sterling 1945-1973," IHEID Working Papers 03-2020, Economics Section, The Graduate Institute of International Studies, revised 27 Apr 2021.
    53. R. Triffin, 1946. "National Central Banking and the International Economy," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 14(2), pages 53-75.
    54. Michael D. Bordo & Owen F. Humpage & Anna J. Schwartz, 2015. "Strained Relations: US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century," NBER Books, National Bureau of Economic Research, Inc, number bord12-1, March.
    55. T. J. Courchene & G. M. Youssef, 1967. "The Demand for International Reserves," Journal of Political Economy, University of Chicago Press, vol. 75, pages 404-404.
    56. M. W. Holtrop, 1957. "Method of Monetary Analysis Used by De Nederlandsche Bank," IMF Staff Papers, Palgrave Macmillan, vol. 5(3), pages 303-316, February.
    57. Alberto Alesina & Nicola Fuchs-Schündeln, 2007. "Goodbye Lenin (or Not?): The Effect of Communism on People," American Economic Review, American Economic Association, vol. 97(4), pages 1507-1528, September.
    58. Marianne Bertrand & Antoinette Schoar, 2003. "Managing with Style: The Effect of Managers on Firm Policies," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(4), pages 1169-1208.
    59. Monnet, Eric, 2019. "Interest rates," CEPR Discussion Papers 13896, C.E.P.R. Discussion Papers.
    60. Michael D. Bordo & Athanasios Orphanides, 2013. "The Great Inflation: The Rebirth of Modern Central Banking," NBER Books, National Bureau of Economic Research, Inc, number bord08-1, March.
    61. Capie,Forrest, 2010. "The Bank of England," Cambridge Books, Cambridge University Press, number 9780521192828.
    62. Morys, Matthias, 2013. "Discount rate policy under the Classical Gold Standard: Core versus periphery (1870s–1914)," Explorations in Economic History, Elsevier, vol. 50(2), pages 205-226.
    63. Dennis P. Quinn & A. Maria Toyoda, 2008. "Does Capital Account Liberalization Lead to Growth?," The Review of Financial Studies, Society for Financial Studies, vol. 21(3), pages 1403-1449, May.
    64. Tobias Straumann & Peter Kugler & Florian Weber, 2017. "How the German crisis of 1931 swept across Europe: a comparative view from Stockholm," Economic History Review, Economic History Society, vol. 70(1), pages 224-247, February.
    65. Michael D. Bordo, 2020. "The Imbalances of the Bretton Woods System 1965 to 1973: U.S. Inflation, the Elephant in the Room," Open Economies Review, Springer, vol. 31(1), pages 195-211, February.
    66. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133, Decembrie.
    67. Monnet, Eric, 2017. "Credit controls as an escape from the trilemma. The Bretton Woods experience," CEPR Discussion Papers 12535, C.E.P.R. Discussion Papers.
    68. Lawrence H. Officer & Thomas D. Willett, 1969. "Reserve-Asset Preferences and the Confidence Problem in the Crisis Zone," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 83(4), pages 688-695.
    69. Barry Eichengreen & Arnaud Mehl & Livia Chitu, 2017. "How Global Currencies Work: Past, Present, and Future," Economics Books, Princeton University Press, edition 1, number 11124.
    70. Michael D. Bordo & Athanasios Orphanides, 2013. "Introduction to "The Great Inflation: The Rebirth of Modern Central Banking"," NBER Chapters, in: The Great Inflation: The Rebirth of Modern Central Banking, pages 1-22, National Bureau of Economic Research, Inc.
    71. Michael D. Bordo & Barry Eichengreen, 1998. "The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary SYstem," NBER Working Papers 6436, National Bureau of Economic Research, Inc.
    72. Ulrike Malmendier & Geoffrey Tate & Jon Yan, 2011. "Overconfidence and Early‐Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies," Journal of Finance, American Finance Association, vol. 66(5), pages 1687-1733, October.
    73. Bordo, Michael & Monnet, Eric & Naef, Alain, 2019. "The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation," The Journal of Economic History, Cambridge University Press, vol. 79(4), pages 1027-1059, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Steininger, Lea & Hesse, Casimir, 2024. "Buying into new ideas: The ECB’s evolving justification of unlimited liquidity," Department of Economics Working Paper Series 357, WU Vienna University of Economics and Business.
    2. Barkhausen, David & Teupe, Sebastian, 2023. "The German inflation trauma: Weimar's policy lessons between persistence and reconstruction," Working Papers 40, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin.
    3. Naef, Alain, 2021. "Central Bank Reserves during the Bretton Woods Period: New data from France, the UK and Switzerland," SocArXiv he7gx, Center for Open Science.
    4. Cezar, Rafael & Monnet, Eric, 2023. "Capital controls and foreign reserves against external shocks: Combined or alone?," Journal of International Money and Finance, Elsevier, vol. 137(C).
    5. Rathi, Sawan & Mohapatra, Sanket & Sahay, Arvind, 2021. "Central bank gold reserves and sovereign credit risk," IIMA Working Papers WP 2021-03-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
    6. Monnet, Eric & Puy, Damien, 2020. "Do old habits die hard? Central banks and the Bretton Woods gold puzzle," Journal of International Economics, Elsevier, vol. 127(C).
    7. Omar Zulaica, 2020. "What share for gold? On the interaction of gold and foreign exchange reserve returns," BIS Working Papers 906, Bank for International Settlements.
    8. George Pantelopoulos, 2021. "Exogenous and endogenous sterilisation under managed exchange rates," Review of International Economics, Wiley Blackwell, vol. 29(4), pages 756-779, September.
    9. Mitchener, Kris & Monnet, Eric, 2023. "Connected Lending of Last Resort," CEPR Discussion Papers 17831, C.E.P.R. Discussion Papers.
    10. Rathi, Sawan & Mohapatra, Sanket & Sahay, Arvind, 2022. "Central bank gold reserves and sovereign credit risk," Finance Research Letters, Elsevier, vol. 45(C).
    11. Jeanne, Olivier & Sandri, Damiano, 2020. "Optimal reserves in financially closed economies," Journal of International Money and Finance, Elsevier, vol. 104(C).
    12. Lea Steininger & Casimir Hesse, 2024. "Buying into new ideas: The ECB’s evolving justification of unlimited liquidity," Department of Economics Working Papers wuwp357, Vienna University of Economics and Business, Department of Economics.
    13. Alan de Bromhead & David Jordan & Francis Kennedy & Jack Seddon, 2023. "Sterling's farewell symphony: The end of the Sterling Area revisited," Economic History Review, Economic History Society, vol. 76(2), pages 415-444, May.
    14. Qin, Meng & Su, Chi-Wei & Pirtea, Marilen Gabriel & Dumitrescu Peculea, Adelina, 2023. "The essential role of Russian geopolitics: A fresh perception into the gold market," Resources Policy, Elsevier, vol. 81(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Michael David Bordo, 2021. "Monetary Policy Cooperation/Coordination and Global Financial Crises in Historical Perspective," Open Economies Review, Springer, vol. 32(3), pages 587-611, July.
    2. Michael D. Bordo & Robert N. McCauley, 2019. "Triffin: Dilemma or Myth?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(4), pages 824-851, December.
    3. Monnet, Eric & Velde, François R., 2020. "Money, Banking, and Old-School Historical Economics," CEPR Discussion Papers 15348, C.E.P.R. Discussion Papers.
    4. Kris James Mitchener & Eric Monnet, 2023. "Connected Lending of Last Resort," NBER Working Papers 30869, National Bureau of Economic Research, Inc.
    5. Michael D. Bordo & Pierre Siklos, 2017. "Central Banks: Evolution and Innovation in Historical Perspective," Economics Working Papers 17105, Hoover Institution, Stanford University.
    6. Monnet, Eric, 2019. "Interest rates," CEPR Discussion Papers 13896, C.E.P.R. Discussion Papers.
    7. Bazot, Guillaume & Monnet, Eric & Morys, Matthias, 2019. "Taming the gobal financial cycle: Central banks and the sterilization of capital flows in the first era of globalization," IBF Paper Series 03-19, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.
    8. Kramer, Bert S. & Milionis, Petros, 2022. "Democratic constraints and adherence to the classical gold standard," Explorations in Economic History, Elsevier, vol. 84(C).
    9. Monnet, Eric & Bordo, Michael & Naef, Alain, 2017. "The Gold Pool (1961-1968) and the fall of the Bretton Woods system. Lessons for central bank cooperation," CEPR Discussion Papers 12425, C.E.P.R. Discussion Papers.
    10. Oosterlinck, Kim & Accominotti, Olivier & BRIERE, Marie & Burietz, Aurore & Szafarz, Ariane, 2020. "Did Globalization Kill Contagion?," CEPR Discussion Papers 14395, C.E.P.R. Discussion Papers.
    11. Monnet, Eric & bazot, guillaume & Morys, Matthias, 2019. "Taming the Global Financial Cycle: Central Banks and the Sterilization of Capital Flows in the First Era of Globalization (1891," CEPR Discussion Papers 13895, C.E.P.R. Discussion Papers.
    12. Alain Naef, 2021. "Dirty float or clean intervention? The Bank of England in the foreign exchange market," European Review of Economic History, European Historical Economics Society, vol. 25(1), pages 180-201.
    13. Jevtic, Aleksandar R., 2020. "Gold rush: The political economy of gold standard adoption in the Kingdom of Yugoslavia," eabh Papers 20-02, The European Association for Banking and Financial History (EABH).
    14. Michael D. Bordo, 2017. "An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime," Economics Working Papers 17108, Hoover Institution, Stanford University.
    15. Michael D. Bordo, 2020. "Monetary Policy Cooperation/Coordination and Global Financial Crises in Historical Perspective," NBER Working Papers 27898, National Bureau of Economic Research, Inc.
    16. Michael D. Bordo, 2020. "The Imbalances of the Bretton Woods System 1965 to 1973: U.S. Inflation, the Elephant in the Room," Open Economies Review, Springer, vol. 31(1), pages 195-211, February.
    17. Cezar, Rafael & Monnet, Eric, 2023. "Capital controls and foreign reserves against external shocks: Combined or alone?," Journal of International Money and Finance, Elsevier, vol. 137(C).
    18. Dongwon Lee, 2023. "International cooperation in foreign reserve policies in the presence of competitive hoarding," Review of International Economics, Wiley Blackwell, vol. 31(2), pages 389-412, May.
    19. Eric Monnet & Miklos Vari, 2019. "Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy," IMF Working Papers 2019/176, International Monetary Fund.
    20. Michael D. Bordo, 1993. "The gold standard, Bretton Woods and other monetary regimes: a historical appraisal," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 123-191.

    More about this item

    Keywords

    Central banking; Foreign reserves; Culture & beliefs; Bretton Woods; Gold; International monetary system;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-02973035. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.